Struggling Internet search engine Yahoo! (YHOO) will name PayPal President Scott Thompson as CEO, according to sources. He would replace former CEO Carol Bartz, who was fired in September.
Thompson is currently running PayPal, eBay's (NASDAQ:EBAY) online payment unit.
Yahoo! Has been struggling with competition from newer companies, such as Google (NASDAQ:GOOG) and Facebook.
The company rejected an unsolicited takeover bid by Microsoft (NASDAQ:MSFT) in 2008.
It has been unwinding its shares in Chinese search engine Alibaba, which has hired a consultant to potenitally negotiate a deal to take over Yahoo! if their partnership were to fail entirely.
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